当Breege法雷尔想提高回报率,她不能过于偏离投资级债券。作为寿险公司的首席投资官级在查塔努加,田纳西州,法雷尔是国家保险监管机构戴上手铐,征收高额处罚股权投资级的400亿美元的投资组合。伊利诺斯州的情况有很大的不同在诺斯布鲁克,好事达保险有限公司总部,好事达公司的子公司,CIO朱迪Greffin有更大的回旋余地股票公司的360亿美元财产与意外险组合因为国家监管机构分配股票赔偿p / c投资者不那么繁琐。但在好事达570亿美元的退休生活和投资组合,Greffin必须像法雷尔,抛开现金平衡任何股权投资她的风险。受害者同样的困扰其他投资者的低收益率,各类保险公司不得不进一步走出他们的舒适区域。除了追逐的高回报高风险资产,其中许多外包他们的另类投资的投资组合。“问题在于,这些组织已经承诺让股东和投保人,和传统资产类别都在努力提供的收益率要求履行义务,”大卫·洛玛斯说纽约贝莱德全球金融机构集团的总裁,拥有2780亿美元的保险资产管理。美国保险公司必须遵守复杂的现金需求公式基于所提供的产品的风险。例如,p / c比人寿保险公司保险公司可以承担更多的股本。但不管他们的专业,大部分保险公司正在超出投资级债券。 “When you’re an insurance business and counting on those yields, it starts to have a big impact,” Unum’s Farrell says. As insurers step into new territory, don’t expect them to make any daring moves. What might look timid to a pension or endowment CIO can be a big alternative-investment play to an insurance company asset manager. Globally, insurance general accounts hold $22.5 trillion in assets, most of it in fixed-income securities, reports BlackRock’s Lomas, who saw an additional $5 billion in outsourced insurance assets flow into the financial institutions group last year. As the proportion of alternative investments — commodities, hedge funds, infrastructure, private equity, real estate and timberland — has risen in insurance portfolios, it’s meant brisk business for third parties like BlackRock and Deutsche Bank Asset Management, two of the biggest players in this niche. Fussier than many investors because they have to be, insurance company CIOs won’t stand for underperforming managers. Allstate’s p/c general account, which holds $4.3 billion in public equity and $4.7 billion in alternatives, first waded into venture capital and private equity investments more than 20 years ago and hedge funds a decade later. “We’ve seen the good, the bad and the ugly,” Allstate’s Greffin says of hedge funds. She’s cutting down the firm’s hedge fund allocation. “We’re pretty disappointed,” Greffin explains. “Right now they’re not pulling their own weight.” At the same time, Unum’s Farrell is favoring alternatives that she thinks will add more value, such as direct ownership of real estate, infrastructure and other cash-generating assets. Insurance investors have gotten creative in their search for higher returns to offset the capital charges that come with equity risk. This quest includes seeking more benefits from alternative investments than a pension or endowment fund would. For instance, Unum’s private equity investments are part of what Farrell dubs a “combo strategy”: Before committing, she looks to forge relationships with firms that need loans to buy their portfolio companies. “We might make loans where we can make them outside the public markets,” Farrell says of her private equity limited partnerships. But, she adds, “unless you’re willing to significantly increase your risk, it won’t move the needle. Regulators won’t let you.” Scott Sleyster, chief investment officer of Prudential Financial’s $278.5 billion U.S. business, based in Newark, New Jersey, estimates that state regulation limits most of his peers to holding between 3.5 and 6 percent in below-investment-grade bonds and between 2 and 5 percent in alternatives. Prudential outsources a small portion of assets to hedge fund and private equity managers.
虽然在保险投资组合选择分配增加,他们可能会保持在个位数,至少现在是这样。这并不意味着他们小,贝莱德洛马斯说:“1%到2%不是巨大但绝对是巨大的。“••